All Commentary
Monday, February 14, 2011

Housing Crash Hitting Cities Thought To Be Stable

“Though the overall economy seems to be mending, housing remains stubbornly weak. That presents a vexing problem for the Obama administration, which has introduced several initiatives intended to help homeowners, with mixed success.

CoreLogic, a data firm, said last week that American home prices fell 5.5 percent in 2010, back to the recession low of March 2009. New home sales are scraping along the bottom. Mortgage applications are near a 15-year low, boding ill for the rest of the winter.” (New York Times)

There’s a reason they’re called “corrections.”

FEE Timely classic

The House that Uncle Sam Built” by Steven Horwitz & Peter Boettke